EMPLOYEE PLANS, EXCISE TAX, INCOME TAX

REG-105954-20, page 828. These proposed regulations provide guidance related to the sections 114 and 401 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), enacted on December 20, 2019, as Division O of the Further Consolidated Appropriations Act of 2019, Pub. L. 116-94, 133 Stat. 2534 (2019). Section 114 of the SECURE Act increased the mandatory age by which distributions from a retirement plan are required to begin from 70½ to 72, and section 401 of the SECURE Act limits the ability of designated beneficiaries to take distributions over their life expectancies unless they meet certain exceptions. In addition, the regulations will seek to clarify certain issues related to trusts as beneficiaries and situations under which a beneficiary is identifiable for purposes of section 401(a)(9) of the Code. These proposed regulations also provide guidance related to eligible rollover distributions under section 402(c) reflecting statutory changes to that section since regulations were first issued in 1995.